IRA Rules

Archive for August, 2008

Question: What are the rules for a hardship withdrawal from someones’s IRA that exempts someone from paying the 10%…?

withdrawal ffee?
How about unemployment as a hardship?

Answer: It depends on your definition of hardship. Most people don’t qualify.

Disability.
Medical expenses in excess of 7.5% of AGI.
Premuims to pay health insurance if unemployed.
Education expenses, purchase new home.
Paying an IRS levy.
Qualified distributions due to Midwest disaster.

Investing & Retirement Funds : What Are 401k Hardship Withdrawals?

Question: If I convert my rollover & nondeductable IRAs to Roth, can I then comingle those with my existing Roth IRAs?

In my retirement account I have a Rollover IRA from a former employer, a Roth IRA, and also a traditional (nondeducted) IRA, all are in separate accounts — I understand that tax rules don’t allow comingling of funds with different rules (like Roth vs. Traditional.) If I convert my Rollover and traditional IRAs to Roth, then all the different accounts would be under the same rules. Will I then be able to combine/comingle those acconts, so all the funds are in one big account?

Answer: Yes. Once all your IRAs are converted to Roths, you can transfer them to another Roth of your choosing.

Self Directed IRA Custodian :: Real Estate IRA :: Rollover 401k

Rolling SEP IRA into 401K – Realty Academy – Chris Bird.mov